The Federal Government of Nigeria has opened subscriptions for N260 billion worth of bonds through the Debt Management Office (DMO) as part of its October 2025 bond auction.
According to a public notice by the DMO on Monday, October 27, 2025, the issuance comprises two re-openings: a N130 billion 17.945% Federal Government of Nigeria (FGN) August 2030 bond (five-year tenor) and a N130 billion 17.95% FGN June 2032 bond (seven-year tenor).
The auction, which began on Monday, will be settled on October 29, 2025, with each bond unit priced at N1,000 and a minimum subscription of N50,001,000, in multiples of N1,000 thereafter.
The DMO stated that interest payments on the bonds would be made semi-annually, while full repayment would occur upon maturity.
The FGN bond programme, launched in 2017, was designed to broaden Nigeria’s domestic debt market, foster financial inclusion, and provide retail investors access to secure, low-risk investment instruments backed by the Federal Government.
In its circular, the DMO noted that the FGN bonds “qualify as securities in which trustees can invest under the Trustee Investment Act,” and are recognized under the Company Income Tax Act (CITA) and Personal Income Tax Act (PITA) for tax exemption for pension funds and other investors.
Furthermore, the bonds are listed on the Nigerian Exchange Limited (NGX) and the FMDQ OTC Securities Exchange, qualifying as liquid assets for banks in meeting statutory liquidity ratio requirements.
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The Office assured investors that the instruments are fully backed by the faith and credit of the Federal Government of Nigeria and charged upon the nation’s general assets.
Investors are advised to contact any of the primary dealer market makers, including Access Bank Plc, First Bank of Nigeria Ltd., Stanbic IBTC Bank Ltd., Citibank Nigeria Ltd., First City Monument Bank Plc, and Standard Chartered Bank Nigeria Ltd., for participation details.
Recent data show that the DMO raised approximately N3.03 trillion from FGN bonds in the first eight months of 2025, exceeding the N2.13 trillion initially offered. Investor appetite remained strong, with total subscriptions reaching N4.94 trillion during the period.